Market Conditions in 85254>Question Details

faysmith11, Home Buyer in Scottsdale, AZ

Hi - I'm wondering what the marketplace has been like in 85259 this past few weeks? Have sales been soft or average?

Asked by faysmith11, Scottsdale, AZ Fri Feb 28, 2014

Have there been a lot of buyers out there?
Is there a lot of inventory?
Thanks!

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Answers

19
Christopher Cole-The Cole Team’s answer
This answer is kind of nuanced because even though sales are slowing, properly priced homes are still selling quickly. We noted that asking prices started accelerating in 85259 around this time last year at a rate of about 13-15% over prior similar sales that had just closed. Appraisers have to fill out a form called the 1004MC and it breaks down sales/listings/pendings ect over the past year. Those that have sold have done so under 90 days and at about 97% of asking price. The problem is that the inventory of properly priced homes have declined as they are absorbed and the sellers have not yet come to face reality. (Although some are starting to reduce prices.) If you are thinking of selling, have us over to give you a realistic pricing opinion. I have 27 years of luxury appraisal experience to go along with my brokerage experience.

Christopher Cole, SRA CRP SSR Realty ONE Group-Scottsdale 602-510-7286 cell/chris@coleteam.net
0 votes Thank Flag Link Mon Mar 17, 2014
Have you put your home on the market yet?
0 votes Thank Flag Link Thu Sep 25, 2014
Which property do you own in the area? Send me a private message, and I can tell you exactly what is going on in your community at this time.
0 votes Thank Flag Link Wed Sep 24, 2014
Great article to read on current market conditions.

http://www.bizjournals.com/phoenix/news/2014/05/06/why-the-p…
0 votes Thank Flag Link Mon Jun 2, 2014
Hi Fay, Sales have been slow in Scottsdale including 85259. The market is always moving and shifting and right now we have a Buyers Market. If you're interested in selling it is important that you price your home to sell. Without multiple weekly showings your home won't sell and if you are getting multiple showings but no offer the home is over priced. Let me know if want more information:
Victoria Felice, Associate Broker Realty One Group, 602-359-5432 ScottsdaleVictoria@gmail.com
0 votes Thank Flag Link Tue Mar 4, 2014
The Scottsdale area in general is doing great right now. We are officially back into our high season.
0 votes Thank Flag Link Tue Mar 4, 2014
http://www.rebeccasellsaz.com/mimarket/zip/85259%20/

Copy & paste the above link into a new tab, I hope that answers any questions you may have. If not, please don't hesitate to contact me with any questions or concerns!

rebeccakallhoff@gmail.com
http://www.rebeccasellsaz.com
4802759566

PS. I look forward to hearing from you soon!
0 votes Thank Flag Link Mon Mar 3, 2014
Hi Fay,

The overall market slowed down before last fall and picked up in Jan.
A the present, there are 289 active listings, 24 under contract, 33 pending, and 62 sold from this Jan. If the property is priced right it will sell in a short time.
I live in 85259 zip code and sold my new listing in one day!

Please contact me for more info whether you're buying or selling, I'll be happy to help you.

Thank you,

Shahla Mentha
mentha.shahla@gmail.com
0 votes Thank Flag Link Fri Feb 28, 2014
Dear Fay Smith:

I shot a You Tube video describing the market conditions in 85259.

http://youtu.be/m5JSe4gFZ1g

Call or email me with any quesitons.

Thanks, and have a great weekend!

Terry S. Smith
Designated Broker, Rain Dance Realty
Arizona Resident for 48 Years
Direct (602) 763-1858
TerrySSmith@Icloud.com
0 votes Thank Flag Link Fri Feb 28, 2014
Homes sold in the last 2 months in this zip code have sold at an average of .97% of list price with an average of 97 days on the market. Sales prices per square foot are increasing. Yes, we're in a transition/adjustment period; the "experts" I agree with say it's a transition into a more normalized housing market. Buyers and sellers are both uncertain regarding the market and need an agent representing them with the ability to look at the statistics and consider the current market within the context of the last five to seven years history.

Buyers in this market tend to be well informed and demand upgraded properties, maintained and presented professionally.

If you'd like more information, let me know. I live and work in the area,
Joyce Watkins
West USA Realty
4880-205-9360
0 votes Thank Flag Link Fri Feb 28, 2014
Hi Fay,
There has been a substantial increase in the amount of Active listings in the valley for the
last couple of months. Even PV has some homes in the "below a million price range."
Once the storms back East are over and school is out, I feel more people will be flowing into the state from Chicago, Wisconsin, and Minnesota, etc.
If you are thinking about listing your home, please start preparing now. Take those photos down
and fix those mini-repairs, so your home shows nicely. People cannot visualize their belongings
in your home if it's too personalized.
Thanks,
Elizabeth Vincent, PLLC, Associate Broker
Arizona native
0 votes Thank Flag Link Fri Feb 28, 2014
Hi Fay Smith - yes, the marketplace has been soft over the last 4 to 8 weeks. The latest Cromford Report indicates that the number of sales per month is down and active listings are up. Days of inventory are up, as is the "months supply" (13.5 vs 5.8) This has created pressure on pricing and the price per square for "active listings" has gone down slightly and "pending listings" have taken a bigger drop in the price per square foot. There are certainly some positive indicators but the overall consensus would be that we are in a more stable market. Average sales & median sales prices are probably due to some higher priced listings. Days on Market has gone down slightly and monthly/annual sales per square foot have gone up. Yes, there are buyers out there but there seems to be some more active negotiating going on. A little more "buying" powerHope that helps. Best Regards, Michael F
0 votes Thank Flag Link Fri Feb 28, 2014
Hi Fay Smith - yes, the marketplace has been soft over the last 4 to 8 weeks. The latest Cromford Report indicates that the number of sales per month is down and active listings are up. Days of inventory are up, as is the "months supply" (13.5 vs 5.8) This has created pressure on pricing and the price per square for "active listings" has gone down slightly and "pending listings" have taken a bigger drop in the price per square foot. There are certainly some positive indicators but the overall consensus would be that we are in a more stable market. Average sales & median sales prices are probably due to some higher priced listings. Days on Market has gone down slightly and monthly/annual sales per square foot have gone up. Yes, there are buyers out there but there seems to be some more active negotiating going on. Hope that helps. Best Regards, Michael F
0 votes Thank Flag Link Fri Feb 28, 2014
I agree with Lorrie; I'm primarily focused in the neighboring zip of 85258, which shares similar market characteristics. A jolt of new inventory and a considerable drop in showing activity. This trend started slowly in October and has picked up steam since Jan 1. Great time to be a buyer.
0 votes Thank Flag Link Fri Feb 28, 2014
Hi Faye,

As you will see from the attached link to a chart, the number of new listings have increased dramatically and the sold to list ratio has skyrocketed. There are still a lot of buyers out there but there is also a lot of new inventory. Let me know if I can help make your home stand out among the crowd.

http://www.flexmls.com/link.html?12cqqheceba5%2C12%2C1

-Wade
0 votes Thank Flag Link Fri Feb 28, 2014
Hello, I can send you a market statistics report specifically designed for the zip code of 85259. It is the area that I live and specialize in. You can either give me a call at 480.414.3123 or send me an email to Liz@AZDreamHomeProperties.com and I will send you the report back. Thanks, Liz Eichelberger, Realtor with HomeSmart
0 votes Thank Flag Link Fri Feb 28, 2014
Hi Fay

Homes are still selling when priced accordingly. If you want more information on your specific neighborhood. Check out the links below.

Http://www.phoenixhomevaluereport.com
0 votes Thank Flag Link Fri Feb 28, 2014
Fay, I'm going to give you the quick answers you ask, but also explain why I am giving you more information.

The easy answers are that there are some buyers looking in northeast Valley, but not "a lot", and that there is an increased amount of inventory.

BUT, that said, I would also add that you cannot judge by a ZIP code without also taking into account the type and size of the home -- for instance, are you talking about luxury homes, condos, patio homes, etc? Varying price ranges are experiencing different inventory levels and different sale statistics. So, regardless of whether you are talking about buying or selling, more information is necessary to provide you the best possible information.

I'm the branch manager for one of HomeSmart's 3 northeast valley offices and would be happy to provide more exact information if you would like.

Sincerely,
Mead Summer
Realtor, Associate Broker & Branch Manager
HomeSmart Real Estate
(480) 747.7255
mead@superiorAZhomes.com
0 votes Thank Flag Link Fri Feb 28, 2014
Sales in general have been a little soft in the valley and after looking at the charts for 85259, they show the months supply has really shot up over the last 2 months and sales have slowed down. There is definitely been a shift in that area from a sellers to a buyers market. It is important to price your home competitively and have it looking model perfect if you want to be above the competetion and have the buyers that are out there choose your home. Hope this helps.
Lorrie
0 votes Thank Flag Link Fri Feb 28, 2014
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